TECH - Alibaba Sells $360M Bilibili Stake to Fuel AI Ambitions and Business Revamp | Benzinga
Alibaba Group Holding Ltd (NYSE:BABA) has offloaded nearly $360 million worth of stock in Bilibili Inc (NASDAQ:BILI), a Chinese streaming platform, marking a significant step in its strategy to gather funds for AI investments and rejuvenate its business.
The e-commerce giant sold 30.85 million Bilibili American depositary receipts at $11.60 each, which reflects a 5.5% discount to Bilibili’s closing price on a recent Wednesday, leading to a plunge in Bilibili’s stock.
This sale is part of Alibaba’s broader initiative to divest from various sectors, including electric vehicles and AI, to focus more on its core retail and technology ventures, particularly in cloud computing and artificial intelligence, Bloomberg reports.